The effectiveness of exchange-rate-based monetary policy: evidence from survey data

Paolo Bianchi and Bruno Deschamps

Applied Economics Letters, 2018, vol. 25, issue 18, 1261-1265

Abstract: Singapore’s monetary policy is centred on the management of the exchange rate. We examine how macroeconomic forecasters perceive the effectiveness of this unconventional policy. We provide empirical evidence that forecasters’ expectations are consistent with a forward-looking exchange-rate-based Taylor-type policy rule. They expect monetary authorities to actively manage the currency against expected future changes in inflation and output.

Date: 2018
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DOI: 10.1080/13504851.2017.1414930

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